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June 29, 2023
After closing the previous trading day at $173.88, Live Cattle is up to $174.53 per pound, which makes for a move of 0.37%/65 cents today.
United States's Pending Home Sales new data released of -2.7% below its previous figure.
CME Live Cattle upside coincides with further encouraging market factors as highly important GDP data from United States beat analyst expectations of 1.4 with a reading of two. United States Initial Jobless Claims beat analyst expectations of 266,000 and the previous reading of 265,000 with new data of 239,000.
On the flip side, highly important Pending Home Sales data from United States beat analyst expectations of -0.5% with a reading of -2.7%.
Live Cattle's upper Bollinger Band® is at $175.42, this is a slight indication of a slowdown.
After posting consistent gains as part of its uptrend and being lifted by intraday sentiment, technical factors suggest Live Cattle is set for a reversal in the coming days.
This rally in the Livestock future's price coincides with other Meats as Feeder Cattle added 0.89% to its value, now trading at $242.4.
Furthermore, the market is looking at United States Core PCE Price Index (MoM) (May) scheduled to come out tomorrow at 12:30 UTC.
Trading mostly sideways for a year. After hitting an important low of $132.12 approximately a year ago, Live Cattle has bounced back 31.6% since.
